"It's hard to believe that the greatest bond bull market in history will end without some bloodshed," writes BAML chief investment strategist Michael Hartnett. "Risks of a bond crash are high." He notes major breakouts to the upside in equity markets often coincide with "major inflection points in bond yields." Treasurys this morning are taking a breather from recent losses, the 10-year yield off 4 bps to 2.07%. TLT +0.5% premarket.